Economy

Gold imports at $42 b in April-Jan

PTI New Delhi | Updated on March 12, 2018

The Government today said that gold imports have increased in recent years and stood at $42 billion during April-January period of the current fiscal.

During 2011-12, the imports had touched $56.3 billion, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

“India’s gold imports have increased in recent years reflecting the increasing size of domestic gold market,” Meena said.

Gold imports in 2010-11 were pegged at $40.5 billion, while in 2009-10 the imports amounted to $28.6 billion.

According to a report of the Reserve Bank of India working group, gold is imported in India mainly through designated banks and MMTC.

During 2011-12, gold imports through designated banks were estimated to be 603 tonnes or 56 per cent of the total imports.

In a separate reply, Meena said India’s total external debt at the end of September is estimated at $365 billion.

High gold imports are putting pressure on the country’s Current Account Deficit (CAD), which touched a peak of 5.4 per cent of the GDP in the July-September quarter.

The Government has taken a number of steps to check the import of the precious metal by hiking duty and also linking the gold deposit schemes of banks with exchange traded funds of mutual funds.

Published on March 08, 2013

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